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Steve BT - "Anyone who denies the fact covid has had a massive impact on shares is a complete idiot."
Indeed.
The FTSE Small Cap prior to covid was around the 6000pt mark. It fell to 3700 when the world started to shut down and has now rebounded to 7500.
The FTSE all share is now back to the level it was prior to covid after falling from 4200 down to 2700
No massive impact between now and then, in fact lots of opportunity to make money, Very positive.
WRES in the meantime have fallen from 24p to less than 6.5p. Masterman said in the June 20 update "The Spanish State of Emergency shut down operations in April" So the impact was the loss of 1 months production at a time when monthly production was around 20t a month.
'MM looked me in the eye and said “No more placings “. Not once, but three times'
I have the same paradoxical situation on another company I am invested in.
The paradox being, if the CEO does not outright deny the possibility of more funding sought by placings, smart money pulls out at strategic moments in anticipation of further dilution, thus lowering the SP which necessitates greater dilution for the same cash raise.
They are duty bound to lie.
IE
jaf1948
“ MIB blames Masterman. The fan club to date have blamed (in no particular order)
Covid
Hot weather
Floods
The wrong ore
The wrong steel
... and probably Brexit as well.”
I can’t be in the fan club, then. Woohoo!!
I blame MM for a lot of things, but I don’t expect someone to go from zero to $40m ebitda without getting stuff wrong. Hoe long has it taken us to get to this point? Twelve years? A long time anyway.
Somebody screwed up the steel. Yes, I blame COVID. Floods, maybe 50/50. The new dam was in the pipeline, but exceptional weather made the decision to plan that for after positive cash flow made that look like a bad decision and maybe we can say it was. With hindsight. Hot weather in Extremadura is just a feature - deal with it. Not sure if Brexit played a part. Maybe the junta dragged its heels on the grant? Who knows?
The point I struggle to get across is, investors no longer care. I have cared previously, especially after MM looked me in the eye and said “No more placings “. Not once, but three times. I bought a whole load of shares at 55-60p on that basis. Not happy and blamed no-one but MM. But that was then. This is now.
If I was coming to this fresh, I would be a buyer. I wouldn’t be buying as many as I have now, because I wouldn’t know the company in depth, but I would definitely buy it as a turnaround prospect.
I can’t think why you persist with this bitterness, jaf, but there are many things in life that puzzle me, so crack on. Anything negative only helps my cause. GUG has done me a lot of favours and I have nothing to feel guilty about.
ATB
You don’t have to be a genius to realise that covid and the floods have made a huge difference. Anyone who denies the fact covid has had a massive impact on shares is a complete idiot.
MIB blames Masterman. The fan club to date have blamed (in no particular order)
Covid
Hot weather
Floods
The wrong ore
The wrong steel
... and probably Brexit as well.
MIB
“ To the masterman fan club and rose tinted spec wearers open your eyes masterman has been a total screw up on this”
What is your point? If we all say we agree with you, will you feel less bitter? Or smarter the the fan club?
What should we do with this new-found wisdom? Join in the wailing and gnashing of teeth?
Basic rules of investing. Only invest what you can afford to lose. The value of your investment can go up or down. Don’t rely on getting your original investment back. Do your own research. Do not invest on the basis of what others tell you. Don’t blame others for your poor investment decisions.
I happen to like WResources and I believe La Parrilla can be successful. If you think that puts me in a club, group or clique then I’ll have to accept your opinion. At least you cannot accuse me of whining.
ATB
So with all this good news why is the sp at its record low? Trust, or lack of it by the market is my suspicion. Masterman has a track record of broken promises, false dawns and mismanagement on this project. I await the October figures with bated breath whilst sitting (like many others) on a substantial paper loss. It's going to need a huge improvement of 5x current price to get to where I need it to be to bail out loss free. I personally cannot see it coming in my lifetime but will not sell at the paltry amount this is now worth. To the masterman fan club and rose tinted spec wearers open your eyes masterman has been a total screw up on this.
https://www.proactiveinvestors.co.uk/companies/news/960366/w-resources-expects-la-parilla-mine-to-reach-full-year-concentrate-production-target-as-output-rises-960366.html
https://www.proactiveinvestors.co.uk/companies/news/955095/w-resources-posts-record-quarterly-tungsten-concentrate-production-955095.html
https://www.proactiveinvestors.co.uk/companies/news/955234/w-resources--michael-masterman-details-la-parrilla-mine-second-quarter-achievements-955234.html